By Sheri Kasprzak
Atlanta, Feb. 9 - GasNet Australia Group said it has raised A$10 million in a private placement.
The company sold 4.03 million stapled securities at A$2.48 each to institutional investors.
The stapled securities rank pari passu to other stapled securities and will be allocated Feb. 14.
Additional details about the composition of the stapled securities were unavailable Wednesday.
The offering will be used to fund the Telfer Pipeline to the Nifty gold and copper mine. A contract with the Nifty mine is being completed, but if the pipeline extension is not completed, the proceeds from the offering will be used for working capital.
In other news, GasNet has been short listed as a bidder on the Trans Territory Pipeline project. It intends to bid on the pipeline Feb. 28.
Based in Abbotsford, Victoria, GasNet is a gas transmission provider.
| Issuer: | GasNet Australia Group
|
| Issue: | Stapled securities
|
| Amount: | A$10 million
|
| Stapled securities: | 4.03 million
|
| Price: | A$2.48
|
| Warrants: | No
|
| Announcement date: | Feb. 9
|
| Settlement date: | Feb. 14
|
| Stock price: | A$2.50 at close Feb. 9
|
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